Asia-Pacific Bitumen Market Outlook, 2029
The Asia-Pacific Bitumen Market is segmented into By Product (Paving, Oxidized, Cutback, Emulsion, Polymer Modified, Others) and By Applications (Roadways, Waterproofing, Adhesives, Insulation, Others).
- Bonafide Research
- 29-02-2024
- Pages : 87
- Figures : 14
- Tables : 19
- Region : Asia-Pacific
- Category : Chemical & Material
- Materials
The Asia-Pacific Bitumen market is expected to grow more than 4.50% CAGR from 2024 to 2029 owing to rapid urbanization and government infrastructure projects
- Historical Period2018-2023
- Base Year2023
- Forecast Period2024-2029
- CAGR (2023-2029) 4.5%
- Largest Market China
- Fastest Market India
- Format
Featured Companies
- 1. Shell plc
- 2. BP p.l.c.
- 3. Totalenergies SE
- 4. Exxonmobil Corporation
- 5. Phillips 66 Company
- 6. Eni S.p.A.
- More...
Bitumen Market Market Analysis
The Asia-Pacific bitumen market is fuelled by the region's growing infrastructure needs, which are being driven by urbanization and population expansion. Countries such as China, India, and Indonesia are witnessing unprecedented urban growth, resulting in increased demand for roads, highways, airports, and other transportation infrastructure. Bitumen is an essential component in the construction of long-lasting and dependable pavements, making it critical for fulfilling the infrastructure needs of Asia's constantly expanding towns and megacities. China dominates the Asia-Pacific bitumen market, both as a producer and consumer. The country's vast infrastructure projects, especially the Belt and Road Initiative (BRI), have prompted large investments in road development, resulting in a strong demand for bitumen. Furthermore, China's growing transportation networks, modernization endeavors, and urban development projects drive sustained growth in bitumen consumption. India, another significant player in the Asia-Pacific bitumen market, is experiencing tremendous infrastructure construction as a result of ambitious government projects such as the National Highways Development Project (NHDP) and the Smart Cities Mission. The country's extensive road networks, as well as continued investments in highway expansion, rural connectivity, and urban development, drive demand for bitumen in asphalt manufacture. The Asia-Pacific bitumen market is additionally driven by technical breakthroughs, environmental concerns, and sustainability programs. Innovations in bitumen manufacture, polymer-modified binders, warm-mix asphalt technology, and recycling processes are improving pavement performance, longevity, and sustainability. Furthermore, as worries about air quality, carbon emissions, and environmental impact grow, stakeholders in the bitumen business are looking for eco-friendly alternatives and sustainable methods to help reduce environmental footprints. According to the research report "Asia-Pacific Bitumen Market Outlook, 2029," published by Bonafide Research, the Asia-Pacific Bitumen market is expected to grow with more than 4.50% CAGR from 2024 to 2029. The Asia-Pacific region is rapidly urbanizing, with millions of people moving from rural areas to cities each year. This urban expansion increases the demand for infrastructure development, such as roads, highways, airports, and urban utilities, all of which rely significantly on bitumen for construction and upkeep. Asia-Pacific is home to some of the world's most ambitious construction projects, such as skyscrapers, bridges, tunnels, and transit networks. Many of these projects rely on bitumen-based products for a variety of applications, including waterproofing membranes, roofing materials, and pavement construction, demonstrating the versatility of bitumen in the region's construction industry. The Asia-Pacific region is the world's largest automotive market, with China, India, Japan, and South Korea leading the way in automobile production and consumption. Bitumen has a critical role in the manufacturing of tires, automotive coatings, adhesives, and sealants, contributing to the automotive industry's demand for bitumen-derived products. Asia-Pacific is a hotbed of technological innovation and research in the bitumen business. Countries such as China, Japan, and South Korea are at the forefront of developing sophisticated asphalt technologies, polymer-modified binders, warm-mix asphalt, and recycling procedures to improve pavement performance, longevity, and sustainability. The Asia-Pacific region has environmental difficulties such as air and water pollution, habitat destruction, and climate change. Bitumen production and use contribute to environmental concerns by emitting greenhouse gases, consuming energy, and causing land disturbance. As a result, the bitumen sector is placing a greater emphasis on environmentally responsible operations, lowering carbon footprints, and encouraging sustainable growth.
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Asia-Pacific dominates the market and is the largest and fastest-growing market in the animal growth promoters industry globally
Download SampleMarket Dynamic
Major Drivers Economic growth: Economic growth is a major driver of bitumen consumption in the Asia-Pacific region. Countries with strong economic growth frequently see increased building activity, which drives demand for bitumen-based products. As economies grow, so does investment in residential, commercial, and industrial projects, all of which require bitumen for a variety of purposes, such as roofing, waterproofing, and pavement. Government initiatives and investments: Government actions and investments in transportation infrastructure have a significant impact on Asia-Pacific's bitumen markets. Many countries have established ambitious infrastructure development plans and initiatives aimed at improving connectivity, increasing trade, and stimulating economic growth. These programs sometimes include major investments in road and highway development, resulting in a high demand for bitumen-based products. Major Challenges Volatile crude oil prices and supply chain disruptions: Bitumen, which is a by-product of petroleum refining, is heavily reliant on crude oil pricing in the Asia-Pacific region. Crude oil price fluctuations can have a substantial impact on the cost of producing bitumen, altering market dynamics. Furthermore, the Asia-Pacific region is primarily reliant on imported crude oil to meet its bitumen needs, making the market vulnerable to supply chain disruptions and geopolitical uncertainty. Sudden swings in global oil markets, geopolitical pulls, or natural disasters can all disrupt crude oil supply, resulting in bitumen shortages and price volatility in the market. Transportation and logistics constraints: Efficient transportation and logistics are crucial for delivering bitumen to building sites throughout the Asia-Pacific region. However, poor infrastructure, busy road networks, and logistical obstacles can disrupt the flow of bitumen from producing facilities to end customers. Furthermore, the bulk nature of bitumen creates storage, handling, and transportation issues that necessitate the use of specialized equipment and infrastructure. In remote or inaccessible places, a lack of transportation infrastructure can exacerbate logistics issues, resulting in delays, cost overruns, and project disruption. Addressing transportation and logistics restrictions would necessitate collaborative efforts among industry stakeholders, government agencies, and logistics providers to invest in infrastructure development, expedite regulatory processes, and improve supply chain operations.
Bitumen Market Segmentation
| By Product | Paving | |
| Oxidized | ||
| Cutback | ||
| Emulsion | ||
| Polymer Modified | ||
| Others | ||
| By Applications | Roadways | |
| Waterproofing | ||
| Adhesives | ||
| Insulation | ||
| Others | ||
| Asia-Pacific | China | |
| Japan | ||
| India | ||
| Australia | ||
| South Korea | ||
Based on product segment market is divided into paving, oxidized, cutback, emulsion, polymer modified, and others. Polymer modified type is expected to grow at rapid pace in Asia-Pacific bitumen market. Polymer-modified bitumen has better performance qualities than normal bitumen. Polymers, such as styrene-butadiene-styrene (SBS) or styrene-butadiene rubber (SBR), improve the elasticity, flexibility, and resistance to rutting and cracking in bituminous mixtures. This leads to longer-lasting roads that require less maintenance, making polymer-modified bitumen an appealing option for infrastructure projects in the Asia-Pacific region. With Asia-Pacific's fast urbanization and economic development, there is an increasing demand for high-performance materials capable of withstanding severe traffic loads, frequent use, and adverse weather conditions. Polymer-modified bitumen meets this demand by providing enhanced mechanical qualities, increased adherence to aggregates, and resilience to deformation, fatigue, and aging. As infrastructure projects become more complicated and demanding, polymer-modified bitumen is becoming increasingly popular as a cost-effective solution for achieving long-lasting and resilient pavements. Continued investments in R&D have resulted in advances in polymer-modified bitumen compositions, manufacturing processes, and application techniques. Manufacturers are producing new product versions with specialized qualities to address the individual needs of distinct temperature zones, traffic situations, and pavement patterns in Asia-Pacific. These advancements broaden the spectrum of uses for polymer-modified bitumen, adding to its growing appeal among engineers, contractors, and asset owners looking for sustainable and resilient infrastructure solutions. Based on application segment market is divided into roadways, waterproofing, adhesives, insulation and others. Waterproofing application is expected to grow at fastest rate in Asia-Pacific bitumen market. The Asia-Pacific region has a variety of climatic conditions, including high rainfall, monsoons, typhoons, and cyclones. These climate changes present substantial obstacles to construction projects, resulting in water-related problems such as leaks, dampness, and mold growth. Waterproofing with bitumen membranes provides an efficient barrier to water penetration, maintaining the structural integrity and longevity of buildings, infrastructure, and underground utilities. As extreme weather events grow more frequent and severe as a result of climate change, the Asia-Pacific area is likely to see a significant increase in demand for resilient waterproofing solutions. Rapid urbanization in the Asia-Pacific region has resulted in increased construction activity in densely populated urban centers, where land scarcity is a major issue. As a result, there is an increasing trend for vertical construction, including high-rise buildings, skyscrapers, and underground structures such as basements, parking garages, and subway tunnels. Waterproofing becomes essential in such projects to prevent water seepage, flooding, and structural damage, which can compromise safety, functionality, and habitability. Bitumen membranes offer an economical and reliable solution for waterproofing vertical and underground structures, driving their adoption in the fast-growing urban construction market. The bitumen waterproofing sector is experiencing technological innovations and product innovations that aim to improve performance, durability, and ease of installation. Manufacturers are developing modified bitumen membranes with improved features such as greater flexibility, fracture resistance, UV resistance, and compatibility with green roof systems and photovoltaic installations.
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Bitumen Market Market Regional Insights
Based on report market is divided into five major countries including China, Japan, India, Australia and South Korea. China is expected to dominate the Asia-Pacific bitumen market during the forecast period. China is seeing tremendous infrastructure development, fueled by urbanization, economic expansion, and government-led projects such as the Belt and Road Initiative (BRI). The building of highways, expressways, bridges, airports, and urban infrastructure necessitates large amounts of bitumen for road paving and waterproofing applications, resulting in strong demand in China. China boasts one of the world's largest and most comprehensive highway networks, which is expanding rapidly to meet the country's growing transportation needs. The government's emphasis on enhancing connectivity, rural access, and regional development supports continued investments in highway building and maintenance, resulting in a steady demand for bitumen-based road paving and resurfacing. China's rapid urbanization has resulted in the growth of megacities and metropolitan regions with wide urban landscapes and large transportation networks. These megacities necessitate huge investments in roads, highways, bridges, and infrastructure to support population development, economic activity, and urban services, hence increasing demand for bitumen in building and infrastructure projects. The Chinese government is a key player in supporting infrastructure development through policy support, regulatory incentives, and strategic investments. Policies like the "One Belt, One Road" project and the "New Urbanization Plan" prioritize infrastructure investments, fostering the expansion of China's bitumen industry.
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Key Development
Companies Mentioned
- Shell plc
- BP p.l.c.
- Totalenergies SE
- Exxonmobil Corporation
- Phillips 66 Company
- Eni S.p.A.
- Bharat Petroleum Corporation Limited
- Hindustan Petroleum Corporation Limited
- Indian Oil Corporation Limited
- Nynas AB
- China Petroleum & Chemical Corporation,
- Saudi Aramco
Table of Contents
- 1. Executive Summary
- 2. Research Methodology
- 2.1. Secondary Research
- 2.2. Primary Data Collection
- 2.3. Market Formation & Validation
- 2.4. Report Writing, Quality Check & Delivery
- 3. Market Structure
- 3.1. Market Considerate
- 3.2. Assumptions
- 3.3. Limitations
- 3.4. Abbreviations
- 3.5. Sources
- 3.6. Definitions
- 4. Economic /Demographic Snapshot
- 5. Global Bitumen Market Outlook
- 5.1. Market Size By Value
- 5.2. Market Share By Region
- 5.3. Market Size and Forecast, By Product
- 5.4. Market Size and Forecast, By Application
- 6. Asia-Pacific Bitumen Market Outlook
- 6.1. Market Size By Value
- 6.2. Market Share By Country
- 6.3. Market Size and Forecast, By Product
- 6.4. Market Size and Forecast, By Application
- 7. Market Dynamics
- 7.1. Market Drivers & Opportunities
- 7.2. Market Restraints & Challenges
- 7.3. Market Trends
- 7.4. Covid-19 Effect
- 7.5. Supply chain Analysis
- 7.6. Policy & Regulatory Framework
- 7.7. Industry Experts Views
- 7.8. China Bitumen Market Outlook
- 7.8.1. Market Size By Value
- 7.8.2. Market Size and Forecast By Product
- 7.8.3. Market Size and Forecast By Application
- 7.9. Japan Bitumen Market Outlook
- 7.9.1. Market Size By Value
- 7.9.2. Market Size and Forecast By Product
- 7.9.3. Market Size and Forecast By Application
- 7.10. India Bitumen Market Outlook
- 7.10.1. Market Size By Value
- 7.10.2. Market Size and Forecast By Product
- 7.10.3. Market Size and Forecast By Application
- 7.11. Australia Bitumen Market Outlook
- 7.11.1. Market Size By Value
- 7.11.2. Market Size and Forecast By Product
- 7.11.3. Market Size and Forecast By Application
- 7.12. South Korea Bitumen Market Outlook
- 7.12.1. Market Size By Value
- 7.12.2. Market Size and Forecast By Product
- 7.12.3. Market Size and Forecast By Application
- 8. Competitive Landscape
- 8.1. Competitive Dashboard
- 8.2. Business Strategies Adopted by Key Players
- 8.3. Key Players Market Positioning Matrix
- 8.4. Porter's Five Forces
- 8.5. Company Profile
- 8.5.1. ExxonMobil Corporation
- 8.5.1.1. Company Snapshot
- 8.5.1.2. Company Overview
- 8.5.1.3. Financial Highlights
- 8.5.1.4. Geographic Insights
- 8.5.1.5. Business Segment & Performance
- 8.5.1.6. Product Portfolio
- 8.5.1.7. Key Executives
- 8.5.1.8. Strategic Moves & Developments
- 8.5.2. Shell plc
- 8.5.3. BP p.l.c.
- 8.5.4. Nynas AB
- 8.5.5. Indian Oil Corporation Limited
- 8.5.6. TotalEnergies SE
- 8.5.7. China Petroleum & Chemical Corporation,
- 8.5.8. The Phillips 66 Company
- 8.5.9. Saudi Aramco
- 8.5.10. Bharat Petroleum Corporation Limited
- 8.5.11. Hindustan Petroleum Corporation Limited
- 8.5.12. Eni S.p.A.
- 9. Strategic Recommendations
- 10. Annexure
- 10.1. FAQ`s
- 10.2. Notes
- 10.3. Related Reports
- 11. Disclaimer
Table 2: Top 10 Counties Economic Snapshot 2022
Table 3: Economic Snapshot of Other Prominent Countries 2022
Table 4: Average Exchange Rates for Converting Foreign Currencies into U.S. Dollars
Table 5: Global Bitumen Market Size and Forecast, By Product (2018 to 2029F) (In USD Billion)
Table 6: Global Bitumen Market Size and Forecast, By Application (2018 to 2029F) (In USD Billion)
Table 7: Asia-Pacific Bitumen Market Size and Forecast, By Product (2018 to 2029F) (In USD Billion)
Table 8: Asia-Pacific Bitumen Market Size and Forecast, By Application (2018 to 2029F) (In USD Billion)
Table 9: Influencing Factors for Bitumen Market, 2023
Table 10: China Bitumen Market Size and Forecast By Product (2018 to 2029F) (In USD Billion)
Table 11: China Bitumen Market Size and Forecast By Application (2018 to 2029F) (In USD Billion)
Table 12: Japan Bitumen Market Size and Forecast By Product (2018 to 2029F) (In USD Billion)
Table 13: Japan Bitumen Market Size and Forecast By Application (2018 to 2029F) (In USD Billion)
Table 14: India Bitumen Market Size and Forecast By Product (2018 to 2029F) (In USD Billion)
Table 15: India Bitumen Market Size and Forecast By Application (2018 to 2029F) (In USD Billion)
Table 16: Australia Bitumen Market Size and Forecast By Product (2018 to 2029F) (In USD Billion)
Table 17: Australia Bitumen Market Size and Forecast By Application (2018 to 2029F) (In USD Billion)
Table 18: South Korea Bitumen Market Size and Forecast By Product (2018 to 2029F) (In USD Billion)
Table 19: South Korea Bitumen Market Size and Forecast By Application (2018 to 2029F) (In USD Billion)
Figure 2: Market attractiveness Index, By Region 2029
Figure 3: Market attractiveness Index, By Segment 2029
Figure 4: Global Bitumen Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 5: Global Bitumen Market Share By Region (2023)
Figure 6: Asia-Pacific Bitumen Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 7: Asia-Pacific Bitumen Market Share By Country (2023)
Figure 8: China Bitumen Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 9: Japan Bitumen Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 10: India Bitumen Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 11: Australia Bitumen Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 12: South Korea Bitumen Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 13: Competitive Dashboard of top 5 players, 2023
Figure 14: Porter's Five Forces of Global Bitumen Market
Bitumen Market Market Research FAQs
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